Podcasts > Business To Human > Embracing Digital Innovation in the Rental Housing Industry

Embracing Digital Innovation in the Rental Housing Industry

By Vericast

Dive into the dynamic intersection of technology and consumer experience with Matthew Tilley and Kathy Neumann on 'Business To Human'. This episode addresses the escalating expectations of consumers for digital interactions reminiscent of social media's immediacy. As our hosts dissect the crucial elements of brand consistency and personalized customer engagement, they unravel the indispensable role of data-driven strategies in shaping marketing responses. Brands today are tasked with offering not just products but also compelling and seamless digital narratives, and Tilley and Neumann are your guides through this evolving digital landscape.

The conversation then shifts towards the criticality of ongoing innovation in marketing, especially in the post-pandemic ecosystem that necessitates robust digital channels. The duo explores how technologies like AI and 3D imaging are catalyzing remote decision-making while stressing the importance of synergy between various company divisions and external partners. At the core of their dialogue is the challenge of integrating diverse technologies and data to streamline consumer experiences — a cycle of continual adaptation and testing that Tilley and Neumann believe can lead to more pointed and effective marketing campaigns.

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Embracing Digital Innovation in the Rental Housing Industry

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Embracing Digital Innovation in the Rental Housing Industry

1-Page Summary

Personalized digital experiences

Kathy Neumann and Tilley explain that consumers now expect immediate, frictionless digital experiences similar to the instant communication on social media. This expectation extends to a demand for quick feedback in digital interactions. To foster brand loyalty and satisfaction, businesses must maintain consistency in their brand voice and experiences, eliminating disjointed customer interactions. They also discuss that personalization should be individual-specific, which enhances engagement and marketing response rates, implying the necessity of strategic, data-driven testing and attribution methods to cater to consumer behaviors and preferences effectively.

Technology supporting connected consumer experiences

The pandemic has led to increased reliance on digital channels, making it crucial for technology to facilitate seamless consumer interactions. Neumann discusses the value added by technologies, such as video or 3D imaging, that help consumers make decisions remotely. She also notes the importance of integrating AI and chatbots to provide immediate communication, and the significance of connecting consumer data from various channels for personalization. A major challenge identified is the misalignment of information, technology, and data, which obstructs in-depth consumer insights and marketing analysis. To stay abreast with the ever-evolving technology, Neumann advises marketers to innovate and test continually, allowing them to create more targeted and efficient strategies.

Cross-functional collaboration for success

Matthew Tilley and Kathy Neumann highlight the instrumental role of collaboration between internal teams and external partners in achieving marketing success. Tilley describes the complexity of integrating technologies to ensure a consistent approach, given the siloed nature of data and tools. Neumann insists on maintaining a brand voice across all technologies and emphasizes collaborating with various business operations for a continuous consumer experience. They encourage involving all marketing team members for diverse perspectives, and Neumann mentions partnering with external players like Veracast, advocating for their full integration into the marketing mission. They both underscore the significant impact of cooperation among marketers and business partners in driving marketing success in consumer-facing industries.

1-Page Summary

Additional Materials

Clarifications

  • Attribution methods in digital marketing are used to determine the effectiveness of various marketing channels in influencing consumer behavior. These methods help businesses understand which touchpoints contribute to conversions or desired outcomes. By analyzing attribution data, marketers can allocate resources more effectively and optimize their marketing strategies based on the most impactful channels. Common attribution models include first-touch, last-touch, linear, and multi-touch models, each offering insights into different aspects of the customer journey.
  • Integration of AI and chatbots for communication involves incorporating artificial intelligence technologies and chatbot systems into digital platforms to enable automated and intelligent interactions with users. AI enhances chatbots by allowing them to understand and respond to user queries more effectively, providing personalized and timely responses. This integration streamlines communication processes, improves customer service efficiency, and enables businesses to engage with their audience in a more responsive and scalable manner. By leveraging AI and chatbots, organizations can offer seamless and round-the-clock support to users, enhancing overall customer experience.
  • Misalignment of information, technology, and data refers to the lack of synchronization or compatibility between different sets of information, technological systems, and data sources within an organization. This disconnect can hinder the ability to gain comprehensive insights into consumer behavior and impede effective marketing analysis. It often results in challenges when trying to integrate various technologies and data sources to create a cohesive and unified approach. Resolving this misalignment is crucial for businesses to leverage data effectively and provide seamless consumer experiences.
  • The term "siloed nature of data and tools" refers to the situation where different departments or systems within a company operate independently, leading to data and tools being isolated and not easily shared or integrated. This lack of communication and collaboration between departments can hinder efficiency, decision-making, and a holistic view of the business. It often results in duplication of efforts, inconsistencies in data, and barriers to accessing comprehensive insights for strategic decision-making. Breaking down these silos involves promoting cross-departmental communication, sharing resources, and implementing integrated systems to improve overall operational effectiveness.

Counterarguments

  • While consumers may expect immediate responses, there is a risk of sacrificing quality for speed. It's important to balance quick feedback with accurate and helpful information.
  • Consistency in brand voice is important, but there should also be room for adaptability and evolution of the brand to stay relevant and responsive to changing consumer needs and societal trends.
  • Over-personalization can sometimes lead to privacy concerns among consumers who may feel their data is being used without their consent or in ways that are intrusive.
  • Data-driven testing and attribution methods are valuable, but they should not overshadow the importance of creativity and human insight in marketing.
  • Technology can facilitate seamless interactions, but over-reliance on technology can lead to a loss of personal touch and may alienate some consumers who prefer human interactions.
  • Video and 3D imaging are useful tools, but they may not be accessible to all consumers due to technological limitations or personal preferences for traditional shopping experiences.
  • AI and chatbots can improve efficiency, but they may not always provide the nuanced understanding and empathy that a human customer service representative can offer.
  • While integrating consumer data is crucial for personalization, it also raises concerns about data security and the ethical use of consumer information.
  • Continuous innovation is important, but it should be balanced with a focus on sustainability and the long-term implications of new technologies.
  • Collaboration is key to success, but it must be managed to avoid diffusion of responsibility and ensure clear accountability and decision-making processes.
  • The complexity of integrating technologies should not lead to an over-complicated customer experience; simplicity and ease of use are often more valued by consumers.
  • Involving diverse perspectives is beneficial, but it is also important to have a clear vision and leadership to guide the marketing strategy and prevent confusion or conflicting messages.
  • Partnering with external players like Veracast can be advantageous, but it is also important to ensure that these partnerships align with the company's values and do not compromise the integrity of the brand.

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Embracing Digital Innovation in the Rental Housing Industry

Personalized digital experiences

Kathy Neumann and Tilley explore the evolving consumer expectations for personalized digital experiences across all channels.

Consumer expectations and demands for fast, frictionless, consistent experiences across all channels

Kathy Neumann addresses the necessity of fast, frictionless digital interaction that matches consumers' growing expectations for immediacy, reflected in the instant communication seen on social media platforms. Consumers increasingly demand real-time responses in their digital engagements, prompting businesses and marketers to work towards eliminating delays and providing quick feedback.

Neumann underscores the critical need for consistency in brand voice and experience to ensure consumers do not encounter a disjointed experience. A seamless experience is essential for brand loyalty and customer satisfaction.

Tilley ties in the physical aspect of consumer experience by suggesting that digital interactions should mirror the convenience and consistency of a brick-and-mortar store visit. This alignment further underscores the importance of a unified approach to the consumer experience regardless of the platform.

The role of testing and attribution in delivering personaliz ...

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Personalized digital experiences

Additional Materials

Clarifications

  • Testing and attribution in delivering personalized consumer experiences involve methods to measure the effectiveness of personalized marketing efforts and understand which strategies or touchpoints contribute most to a consumer's engagement or conversion. Testing involves experimenting with different personalized approaches to see which ones resonate best with individual consumers. Attribution helps in identifying the specific interactions or campaigns that lead to desired outcomes, enabling marketers to optimize their strategies for better results. These practices are crucial for refining and improving personalized consumer experiences based on data-driven insights and feedback.
  • Testing and attribution in personalizing consumer experiences involve methods to measure the effectiveness of personalized marketing efforts and attribute results to specific actions or strategies. Testing can include A/B testing, where different versions of a marketing campaign are compared to see which performs better. Attribution involves identifying which touchpoints or interactions led to a desired outcome, helping marketers understand the impact of their personalized strategies. These methodologies help businesses refine their approaches, optimize campaigns, and improve the overall consumer experience based on data-driven insights.
  • A strategic and data-driven approach involves using carefully planned methods and insights derived from data analysis to comprehend and adjus ...

Counterarguments

  • While fast and frictionless experiences are valued, some consumers may prioritize quality and depth of interaction over speed.
  • Real-time responses may not always be feasible or necessary for certain types of digital engagements, where thoughtful and well-considered responses are more appropriate.
  • Consistency in brand voice is important, but there should also be room for adaptability and personalization within different contexts and platforms.
  • The convenience of physical store visits cannot always be replicated digitally due to inherent differences in the mediums, and attempting to do so may not always align with digital best practices.
  • A unified approach to consumer experience is important, but it should not stifle creativity or the ability to tailor experiences to specific channels where different strategies might be more effective.
  • Personalization is beneficial, but there are privacy concern ...

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Embracing Digital Innovation in the Rental Housing Industry

Technology supporting connected consumer experiences

With the rise of digital engagement during the pandemic, consumer expectations have shifted, emphasizing the need for technology that supports a seamless and connected experience. Neumann sheds light on how this technological integration can revolutionize consumer interactions and the challenges that come with it.

The value and challenges of connecting data across channels to enable personalized experiences

During the pandemic, consumers have grown accustomed to utilizing digital tools for a variety of services, including property leasing, according to Neumann. This shift has underscored the value of rich digital content such as video tours and 3D imaging, which enable individuals to confidently make decisions without physically being present.

The integration of technology such as AI and chatbots enhances the consumer journey by providing instant communication and support, fulfilling consumers' expectations for immediate interaction. Neumann also underscores the critical nature of stitching together technology, particularly consumer data, collected from online and in-store behavior. This cohesive understanding helps businesses provide personalized experiences across different channels.

However, one of the main challenges discussed is the disconnection between available information, technology, and data, which hinders deep consumer insights and the ability to gauge marketing effectiveness.

The need for marketers to continue innovating and testing as technology evolves

Neumann stresses that ...

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Technology supporting connected consumer experiences

Additional Materials

Clarifications

  • The challenges related to the disconnection between available information, technology, and data highlight the difficulties businesses face in integrating and utilizing data effectively across various channels. This disconnect can hinder the ability to gain deep consumer insights and measure the effectiveness of marketing strategies. It underscores the importance of aligning technology and data to provi ...

Counterarguments

  • While consumers may expect seamless experiences, not all demographics are equally comfortable with or have access to the necessary technology, leading to a digital divide.
  • Digital tools like video tours and 3D imaging can be helpful, but they may not always capture the nuances of a physical experience, potentially leading to unmet expectations.
  • AI and chatbots, while providing instant communication, can sometimes deliver impersonal or inaccurate responses, frustrating consumers seeking human interaction or complex problem-solving.
  • Personalized experiences through data integration raise privacy concerns, as consumers may not be fully aware of how their data is being used or may not have consented to such extensive data collection.
  • The effectiveness of personalized marketing is debated, with some studies suggesting that it can sometimes be perceived as intrusive or annoying by consumers.
  • Continuous innovation and testing in marketing can lead to consumer fatigue, as people are constantl ...

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Embracing Digital Innovation in the Rental Housing Industry

Cross-functional collaboration for success

Matthew Tilley and Kathy Neumann discuss how effective collaboration between internal teams and external partners is pivotal in driving marketing success.

Working with internal teams and external partners to drive marketing success

Matthew Tilley emphasizes the challenge of integrating technologies to achieve a unified approach, noting that many pieces of technology and data are often siloed. Neumann adds to this by stressing the importance of maintaining a consistent brand voice and experience across all technological implementations, indicating a cross-functional approach to technology integration within marketing strategies.

Neumann also hints at the necessity of different business operations, potentially involving multiple teams or partnerships, working together to provide a seamless consumer experience across various interactions and platforms. This is reflected in strategic planning, specifically in preparation for the 2024 budget season, which involves collaborative decision-making processes.

Neumann goes further to advocate for the involvement of all marketing team members, pointing out that every individual can contribute insights, regardless of their specific role or channel of work. She underscores the significance of including cross-functional business partners, as they may offer observations that lead to valuable marketing insights or opportunities.

Tilley draws a parallel with team sports, suggesting that success ...

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Cross-functional collaboration for success

Additional Materials

Clarifications

  • Siloed technology and data refer to the situation where different systems or departments within an organization operate independently, leading to isolated data sets and technology tools that do not communicate effectively with each other. This lack of integration can hinder collaboration, decision-making, and a unified approach to utilizing technology for business goals. Breaking down these silos involves integrating systems and sharing data across departments to improve efficiency and effectiveness in operations and decision-making processes. Integrated technology and data systems enable a more cohesive and streamlined approach to business activities, fostering better communication and alignment across the organization.
  • Strategic planning for the 2024 budget season involves the process of setting financial goals, allocating resources, and outlining spending priorities for the upcoming year. It typically includes evaluating past performance, forecasting future needs, and aligning financial decisions with overall business objectives. This planning phase is crucial for organizations to ensure that their financial resources are utilized effectively and in line with their strategic priorities. It often requires collaboration between various departments and stakeholders to develop a comprehensive budget that supports the organization's growth and success.
  • Cross-functional business partners are individuals or teams from different departments or areas of expertise within an organization who collaborate on projects or initiatives. They bring diverse skills and perspectives to ...

Counterarguments

  • While integrating technologies is important, it can sometimes be more efficient to use specialized tools for specific tasks rather than striving for a unified approach that may compromise on functionality or performance.
  • A consistent brand voice is important, but there should also be room for flexibility and adaptation to different markets and cultural contexts, which might require varying the brand message.
  • Seamless consumer experience is ideal, but it can be resource-intensive and may not always provide a return on investment proportional to the effort and cost involved in achieving it.
  • Collaborative decision-making is valuable, but it can also slow down processes and lead to compromises that might not serve the best interests of the company or the marketing strategy.
  • While every team member's input is valuable, it is also important to recognize that not all insights are equally relevant or useful, and there should be a mechanism to filter and prioritize contributions.
  • Cross-functional partners can provide insights, but there is also a risk of diluting the core marketing message or strategy if too many perspectives are incorporated without clear direction.
  • Relying on external partners like Veracast can be beneficial, but it also introduces dependencies and potential risks related to the partner's perfor ...

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